Search Results for: U.S. Justice Department
Traders’ Phones Are Becoming a Zone of Total Surveillance
September 14th, 2015
At large banks, regulatory requirements and new technology change how conversations are conducted Wall Street has a message for its traders: Watch what you say. At large banks in the U.S. and Europe, traders’ everyday activities are being recorded ...
Millenium Capital Exchange CEO Sentenced to Federal Prison for Running Forex Ponzi Scheme
September 3rd, 2015
Stafford S. Maxwell, the former owner and Chief Executive Officer of Millennium Capital Exchange, Inc., was sentenced to three years, nine months years in prison for orchestrating a multi-million dollar foreign exchange market Ponzi scheme. “With false promises of ...
SEC Charges Former Investment Bank Analyst and Two Others With Insider Trading in Advance of Client Deals
August 26th, 2015
The Securities and Exchange Commission today charged a former investment bank analyst with illegally tipping his close friend with confidential information about clients involved in impending mergers and acquisitions of technology companies. The SEC also charged his friend and ...
Fatca law: Taking the IRS to Court
August 21st, 2015
The 2010 Fatca law has made many Americans unbankable overseas. Nancy Pelosi famously said Congress had to pass ObamaCare so Americans could learn what was in it, but that rule applies to other regulatory monsters too. Take Fatca, the ...
Citigroup’s ‘Bad Bank’ Isn’t So Bad Anymore
August 13th, 2015
Citi Holdings, the ‘bad bank’ Citigroup created to dispose of unwanted assets, has become a surprise success story Citi Holdings was born to be bad. But it is getting better with age. The “bad-bank” unit of Citigroup Inc., Citi Holdings for more ...
The Aftermath of LIBOR and Penny-Shaving Attacks
August 12th, 2015
Anyone remember the LIBOR scandal from back in spring 2008? A trader for UBS Group and Citigroup named Tom Hayes was just sentenced by a British court to 14 years imprisonment for his role as a ringleader of the scandal. Darrell Duffie and Jeremy C. ...
Citigroup’s Sale of OneMain to Springleaf Hits Antitrust Obstacle
August 7th, 2015
Springleaf agreed in March to buy OneMain from Citigroup U.S. antitrust authorities have thrown a wrench into Citigroup Inc.’s plan to divest its subprime lending unit. Five months ago, Citigroup said it would sell the business, known as OneMain Financial, to Springleaf ...
Deutsche Bank Said to Be Probed by DOJ on Russia Mirror T
August 4th, 2015
U.S. federal prosecutors are investigating billions of dollars of trades Deutsche Bank AG made on behalf of Russian clients as recently as this year, according to people with knowledge of the situation. The Justice Department’s criminal probe, which hasn’t ...
IRS Probes Singapore Asset Manager for accepting transfers from undeclared Swiss accounts
July 20th, 2015
First came Switzerland. Now the Internal Revenue Service has a new target: Singapore Criminal investigators at the IRS are probing whether a Singapore asset-management firm accepted transfers from undeclared Swiss accounts closed by U.S. taxpayers, according to lawyers familiar ...
Banks’ Civil Forex Settlements Near $2 Billion
June 18th, 2015
Barclays, BNP Paribas, Goldman Sachs and HSBC recently signed agreements to settle case The total amount paid by banks to settle a civil lawsuit tied to allegations traders manipulated the currency market has now reached almost $2 billion following ...
